Reddit's Top Stocks in August
September 1, 12:49 pm
In recent years, Reddit has emerged as a significant force in the stock market, with its army of retail investors banding together to drive up the prices of undervalued or heavily shorted stocks. Tracking Reddit mentions has become increasingly important as it can offer a glimpse into the collective mindset of a large and influential group of individual investors, which can, in turn, help predict potential market movements. However, August proved to be a challenging month for some of the most popular 'Reddit stocks'. Long-term favorites such as GameStop and AMC, which have been subject to wild swings in the past due to their popularity on forums like WallStreetBets, experienced a notable decline in their stock prices, raising questions about the sustainability of gains driven by social media-fueled retail investing.
Let’s take a look at the companies that were mentioned the most on Reddit in August.
| Company | Mentions | Change % (mentions) | Change % (price) | |
|---|---|---|---|---|
 |
NVIDIA NVDA |
18,161 | 115% | 6% |
 |
GameStop GME |
10,662 | -21% | -16% |
 |
Tesla TSLA |
7,907 | -51% | -3% |
 |
Apple AAPL |
5,889 | 20% | -4% |
 |
AMD AMD |
3,786 | 110% | -8% |
 |
Amazon AMZN |
3,745 | 10% | 4% |
 |
Disney DIS |
3,638 | 16% | -6% |
 |
Paypal PYPL |
3,405 | 69% | -17% |
 |
Google GOOGL |
3,023 | -25% | 3% |
 |
Robinhood HOOD |
2,509 | -13% | -15% |
 |
AMC AMC |
2,489 | 32% | -71% |
 |
Palantir PLTR |
1,816 | 40% | -25% |
 |
Microsoft MSFT |
1,534 | -70% | -2% |
 |
Meta META |
1,467 | -73% | -7% |
 |
Gap GPS |
1,371 | 20% | 12% |
NVIDIA (NVDA) experienced a notable increase in mentions by 115% and a price change of 6%. AMD had a 110% increase in mentions, but its stock price fell by 8%. PayPal (PYPL) saw a 69% increase in mentions but a 17% decrease in its stock price. AMC witnessed a 32% increase in mentions but a dramatic 71% decrease in its stock price.
These movements, particularly the dramatic decrease in AMC's stock price, indicate that the "meme stock" era is slowly coming to an end.
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